Heat lard in a heavy dutch oven (cast iron is best). Cut through the fatty round on the steak and brown it on both sides. Add all remaining ingredients and water. Transfer to a covered baking dish and bake at 350 degrees until tender, approximately 1 1/2 hours. Or cook covered, on top of the stove over medium heat, basting often, for the same amount of time. Garnish with pickled serrano or jalapeno peppers if desired. Makes 6 servings.